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"Gulf stock markets rose in early trade on Wednesday but Dubai, which had led gains in the previous session, slowed its advance as oil prices slipped.

Brent crude fell 0.7 percent in Asian trade after surging almost 6 percent on Tuesday when oil major BP and top Chinese offshore energy producer CNOOC said they would deepen capital investment cuts this year to adapt to lower oil prices.

Dubai's index, which jumped 2.5 percent on Tuesday, was up 1.1 percent shortly after opening on Wednesday."

"The news that Dubai has overtaken London Heathrow as the world’s busiest international airport is a timely reminder that not all Middle East economies are dependent on energy as a mainstay of growth and job creation.

With oil prices plunging 60 per cent, much attention is justifiably focused on the Middle East’s traditional dependence on hydrocarbons. But it is easy to overlook a few oases of economic activity that are not only uncorrelated with oil but also starting to achieve meaningful, critical economic mass.

Among oil-producing countries, the UAE – the second-largest economy in the Middle East – has been the champion of diversification. Over two-thirds of its economic output now comes from non oil. And most of it comes from the Emirate of Dubai."

"Business activity growth in the United Arab Emirates’ non-oil private sector hit a three-month high in January, a survey showed on Tuesday, indicating most of the economy is still showing no major impact from the plunge of oil prices.

The seasonally adjusted HSBC UAE Purchasing Managers’ Index, which measures the manufacturing and services sectors, was 59.3 points last month against 58.4 in December. The 50-point mark separates growth from contraction in the survey of 400 firms.

“The pick-up in activity at the start of the year is encouraging, but we continue to expect activity to lose speed into 2015 as low oil prices and weaker demand from key export markets in the Gulf weigh on momentum,” said HSBC’s chief Middle East economist Simon Williams."

"The rebound of Gulf stock markets may stall on Wednesday, at least temporarily, after oil prices slipped back slightly in Asian trade. Also, most bourses are largely done with their earnings seasons, so there may be fewer fresh incentives to buy stocks.

Brent crude traded below $58, down 0.2 percent, after surging almost 6 percent on Tuesday when oil major BP and top Chinese offshore energy producer CNOOC said they would deepen capital investment cuts this year to adapt to lower oil prices.

Oil's surge, which began last Thursday, had been a key factor supporting Gulf markets and, in particular, Saudi Arabian petrochemicals such as Saudi Basic Industries."